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Entrepreneurship

ISBN: 9780130200433 | 0130200433
Format: Paperback
Publisher: Prentice Hall
Pub. Date: 8/1/1999

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SummaryTable of Contents
For a Small Business Management or Entrepreneurship course at the junior/senior undergraduate level. An indispensable guide for students considering an entrepreneurial career path. This simple, straightforward, highly proactive text provides a solid theoretical background for devising a business plan and goes one step further, presenting a detailed list of practical questions students can use to write their own plan. It features full chapters on the various aspects of entrepreneurship (e.g., starting, buying, and franchising; home-based businesses; family businesses); emphasizes how self-employment affects the entrepreneur and his/her family; and provides a step-by-step framework for developing and writing a business plancomplete with specific questions and checklists.
Prefacexiii
About the Authorsxv
Entrepreneurship Today
1(12)
Key Points
1... MORE
Entrepreneurship in the United States
2(3)
Corporate Restructuring
2(3)
Consequences for the Individual
5(1)
The Global Scene
5(3)
Entrepreneurship in a Changing Environment
8(3)
Changes in Markets
8(1)
New Markets
9(1)
The Competitive Advantages of Small Buisiness
10(1)
Discussion Questions
11(2)
The Entrepreneur
13(11)
Key Points
13(1)
What is Entrepreneurship?
14(1)
The Entrepreneurial Process
14(1)
Spheres of Influence
15(4)
The Individual or Self
15(3)
Cultural Influences
18(1)
Circumstances in Society
19(1)
A Combination of Factors
19(1)
Advantages and Disadvantages of Entrepreneurship
19(2)
Advantages
19(1)
Disadvantages
20(1)
Summary
21(1)
Discussion Questions
21(3)
Women-Owned and Minority-Owned Businesses
24(10)
Key Points
24(1)
Female Entrepreneurs
25(1)
Motivation for Becoming an Entrepreneur
25(1)
Dissatisfaction with Corporate Life
25(1)
Desire for Challenge
25(1)
Company Size
25(2)
Motivational Differences
26(1)
Company Age and Industry
26(1)
Possible Obstacles to Capital
26(1)
Breaking the Tradition
27(1)
Minority Entrepreneurs
28(3)
African-American Entrepreneurs
29(1)
Asian-American Entrepreneurs
30(1)
Hispanic Entrepreneurs
31(1)
Summary
31(1)
Discussion Questions
32(2)
Family Businesses
34(8)
Key Points
34(1)
Advantages and Disadvantages of Family Businesses
35(1)
Entrepreneurial Couples
35(2)
Bringing in the Children
37(3)
The Succession Plan
37(1)
Should the Company be Sold to an Outsider or Employees?
38(1)
Active versus Inactive Family Members
38(1)
Low Entry versus Delayed Entry
39(1)
Hiring and Compensation Policy
39(1)
Choosing a Successor from Active Family Members
39(1)
The Future of Family-Owned Businesses
40(1)
Discussion Question
40(2)
Business Growth and the Entrepreneur
42(8)
Key Points
42(1)
Business Growth and Management Skills
43(1)
Personnel Management
43(1)
Cash Flow Management
44(1)
Match the Company and the Entrepreneur
44(1)
The American Dream/the American Nightmare
45(1)
The Challenge of a New Business
45(1)
The Loss of the Family Atmosphere
46(1)
The Changing Role of the Entrepreneur
46(1)
Conflict with Personal Goals
46(1)
Options
47(1)
Keep the Company Small
47(1)
Rediscover the Entrepreneurial Spirit
47(1)
Cashing In
47(1)
Summary
48(1)
Discussion Questions
48(2)
Home-Based Businesses
50(9)
Key Points
50(1)
The Rebirth of Cottage Industries
51(1)
Reasons for Growth
51(1)
Technology
51(1)
Corporate Downsizing
52(1)
Changing Lifestyles
52(1)
The Increasing Demand for Service Businesses
52(1)
A New Image
52(1)
Personal and Family Considerations
52(2)
Loss of Structure
53(1)
Isolation
53(1)
Long Hours with No Separation between Work and Home
53(1)
Family Issues
53(1)
Home-Based Franchises
54(1)
Is Your Home-Based Business Legal?
54(1)
Utilities, Insurance and Taxes
55(1)
The Growth Decision
56(1)
Summary
56(1)
Discussion Questions
57(2)
New Product Development
59(13)
Key Points
59(1)
A High-Risk Venture
60(1)
Strengths and Weaknesses of Small Companies
61(1)
Developing a New Idea
61(1)
Key Factors for Success
62(1)
Choosing a Distribution Channel
63(2)
Factors Influencing the Distribution Decision
64(1)
Obstacles to Securing Distribution Channels
65(1)
Licensing
65(1)
Legal Protection of New Products and Services
66(3)
Patents
66(2)
Copyrights
68(1)
Trademarks
68(1)
Trade Secrets
69(1)
Summary
69(1)
Discussion Questions
69(3)
Global Business
72(16)
Key Points
72(1)
Exporting
73(12)
The Current Situation
74(2)
The Decision Whether to Start Exporting
76(1)
Developing an Export Plan
76(3)
Getting Established in an International Market
79(2)
Getting Paid
81(1)
Government Assistance
82(3)
Importing
85(2)
Finding the Product to Import
85(1)
Getting the Goods into the Country
85(1)
Selling the Goods
86(1)
Discussion Questions
87(1)
Starting a New Business
88(12)
Key Points
88(1)
Innovation and Entrepreneurship
89(1)
Source of Ideas
90(3)
Inside-Out vs. Outside-In
91(2)
The Rationale: Why the New Business is Needed
93(2)
The Customer
93(2)
Barriers to Entering an Industry
95(1)
The Method: How the New Business Will Be Established
96(2)
The People: Who Will Be Involved?
98(1)
Summary
99(1)
Discussion Questions
99(1)
Buying an Existing Business
100(14)
Key Points
100(1)
Advantages of Buying a Business
101(2)
Disadvantages of Buying a Business
103(3)
Finding the Business
106(2)
Businesses That Are on the Market
106(1)
Businesses That Are Not on the Market
107(1)
Determining the Price of a Business
108(2)
The Negotiating Process
110(1)
Price versus Value
111(1)
Sources of Power in Negotiations
112(1)
Summary
113(1)
Discussion Questions
113(1)
Franchising and Other Alternatives
114(16)
Key Points
114(1)
The Popularity of Franchising
115(1)
The Advantages for the Franchisee
116(1)
Start-Up Assistance
116(1)
Basis for Judging Prospect of Success
116(1)
Instant Recognition
116(1)
Purchasing Power
116(1)
Advertising Scope and Sophistication
116(1)
Operational Improvements
117(1)
Disadvantages for the Franchisee
117(1)
Restrictions
117(2)
Costs
117(1)
Termination
117(1)
Unrealistic Expectations
118(1)
Evaluating the Franchise Option
119(6)
You as a Franchisee
119(1)
The Industry
120(1)
The Franchisor
120(5)
Franchising and the Law
125(2)
Other Entrepreneurial Options
127(2)
Business Opportunities
127(1)
Manufacturer's Representative
128(1)
Summary
129(1)
Discussion Questions
129(1)
THE BUSINESS PLAN: INTRODUCTION130(8)
Key Points
130(1)
What Is a Business Plan?
131(1)
How Do Plans for Existing Businesses and Start-Ups Differ?
131(1)
What Is Included in the Business Plan?
131(7)
Executive Summary
132(1)
Mission Statement and National Trends
132(1)
The Business Environment
133(4)
Discussion Questions
137(1)
THE BUSINESS PLAN: MARKETING138(44)
Key Points
138(1)
What Is Included in the Marketing Section?
139(1)
What Is Your Product or Service?
139(1)
Who Are Your Competitors?
140(1)
Pricing
140(10)
What Is Your Pricing Objective?
142(1)
What Are Your Pricing Policies?
142(1)
How Will You Determine Your Prices?
142(1)
Industry Markups
143(3)
Shipping Costs
146(4)
Credit Terms to Customers
150(3)
What Are Your Credit Policies?
151(1)
The Industry and Your Competitors
152(1)
The Customers
152(1)
The Company's Cash Flow
152(1)
Competitive Advantage
153(1)
What Is Your Competitive Advantage?
153(1)
Market Segmentation
154(2)
How Will You Segment Your Target Market?
154(2)
Common Marketing Mistakes
156(2)
Location
158(9)
What Is Your Ideal Location?
159(1)
Is Your Business Retail or Service?
159(3)
Is Your Business and Manufacturing Firm?
162(2)
Is Your Business a Wholesaling Operation?
164(1)
Incubators
165(1)
Common Location Mistakes
166(1)
Promotion and Sales
167(4)
What Types of Promotion Will You Use?
167(1)
What Are Your Promotional Goals?
168(1)
What Is Your Promotional Budget?
168(1)
Sales and Direct Marketing
169(2)
Sales Promotion
171(1)
Will You Use Sales Promotions?
171(1)
Advertising
172(8)
What Type of Advertising Will You Use?
173(1)
Media
173(5)
When Will You Advertise?
178(1)
Marketing On-Line
179(1)
Public Relations and Publicity
180(2)
Creating a Favorable Image
181(1)
Discussion Questions
181(1)
THE BUSINESS PLAN: MANAGEMENT AND PERSONNEL182(12)
Key Points
182(1)
What Are Your Qualifications to Operate This Business?
183(1)
Have You Completed Job Descriptions?
183(1)
Have You Established the Employees' Wage Rates?
183(1)
What Benefits Will You Provide to Your Employees?
184(1)
Have You Completed a Typical Work Schedule?
185(1)
Have You Completed an Organizational Chart?
186(1)
What Other Laws Will Affect Your Personnel Decisions?
186(3)
The Occuational Safety and Health Act
186(1)
Title VII of the Civil Rights Act and Federal Age Discrimination in Employment Act
186(1)
Americans with Disabilities Act
187(1)
Immigration Laws
188(1)
The Family and Medical Leave Act
188(1)
National Labor Relations Act and Taft Hartley Act
188(1)
Workers' Compensation
189(1)
State Laws
189(1)
Do You Have Employees or Subcontractors?
189(5)
Discussion Questions
192(2)
THE BUSINESS PLAN: START-UP COSTS AND FINANCING194(10)
Key Points
194(4)
How Will the Business Be Financed?
198(1)
Debt Financing
198(2)
Bank Loans
198(1)
Federal Government Financing Programs
199(1)
State and Local Government Programs
200(1)
Finance Companies
200(1)
Equity Financing
200(2)
Personal Funds
200(1)
Private Investors
200(1)
Partners
201(1)
Venture Capital Firms
201(1)
Stock Sales
201(1)
Cost of Financing
202(2)
Discussion Questions
203(1)
THE BUSINESS PLAN: PROJECTED FINANCIAL STATEMENTS204(16)
Key Points
204(1)
Accounting Methods
205(1)
Cash Basis
205(1)
Accrual Basis
205(1)
Completed-Contract Method
205(1)
Balance Sheet
205(2)
The Opening-Day Balance Sheet
207(1)
Projected Income Statement
208(2)
Cash Flow
210(4)
Cash Study: The Travel School
214(1)
Break-Even Point
214(6)
What Is Your Break-Even Point?
214(1)
Have You Identified Fixed and Variable Expenses?
215(1)
What Is Your Contribution Margin?
216(3)
Calculating Break-Even
219(1)
How Many Customers Are Needed to Break Even?
219(1)
Discussion Questions
219(1)
THE BUSINESS PLAN: THE LEGAL SECTION220(10)
Key Points
220(1)
What Form of Organization Will You Choose?
221(3)
Sole Proprietorships
221(1)
Partnerships
222(1)
Corporations
223(1)
The Limited Liability Company
223(1)
Joint Ventures
224(1)
What Taxes Will Be Due?
224(2)
Federal Taxes
224(1)
State Taxes
225(1)
Organizational Form and Income Taxes
226(1)
Proprietorships
226(1)
Partnerships
226(1)
Corporations
226(1)
What Other Legal Issues Need to Be Addressed?
227(3)
Discussion Questions
228(2)
THE BUSINESS PLAN: INSURANCE230(4)
Key Points
230(1)
What Insurance Will You Need?
231(3)
Will You Need Workers' Compensation Insurance?
231(1)
What Property Insurance Will You Need?
231(1)
Will You Need Liability Insurance?
232(1)
Will Earnings Insurance Be Necessary?
232(1)
Will You Need Health, Disability or Life Insurance?
233(1)
Discussion Questions
THE BUSINESS PLAN: SUPPLIERS234(3)
Key Points
234(1)
Who Will Be Your Suppliers?
235(2)
Discussion Questions
236(1)
THE BUSINESS PLAN: RISKS, ASSUMPTIONS, AND CONCLUSION237(3)
Key Points
237(1)
What Are Your Uncontrollable Risks?
238(1)
What Are Your Assumptions and Conclusions?
238(2)
Discussion Questions
239(1)
CASE STUDIES240(31)
1 On-Line Auto Sales
240(2)
2 Entrepreneurs in the Beverage Industry
242(4)
3 The Growth and Problems of Wired Ventures, Inc.
246(1)
4 The Body Shop
247(2)
5 TopsyTail
249(2)
6 Boston Chicken/Boston Market
251(2)
7 Hometown Videos, Inc.
253(1)
8 A Family Affair
254(1)
9 Ed's Auto Parts
255
10 Bagels and Burgers
249(22)
Appendix A: Summary of Business Plan Checklists271(15)
Appendix B: Sources of Financing286

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